Wave and Tidal Energy Market size was valued at USD 78.26 Million in 2024 and is expected to reach USD 414.45 Million by 2035, growing at a CAGR of 16.99% from 2024 to 2035.
Global Wave And Tidal Energy Market stood at USD 528.35 Million in 2022 and is expected to project impressive growth during the forecast period with a CAGR of 24.35% until 2028. Wave energy refers to the energy present in the surface waves of the ocean, which is harnessed for generating electricity, desalination, and for pumping water into reservoirs. Wave and tidal energies are the most viable green technologies, as they provide the most concentrated form of renewable energy. Oceans are a limitless source of clean energy. Thus, it is anticipated that harnessing tidal and wave energy from ocean surfaces will be the most sustainable source of energy. They are the sustainable ways of harnessing oceans’ energy for power generation. These types of renewable energy are used by nations all over the globe because they offer a reliable and steady source of clean power. Plenty of ocean surface area and capacity to generate energy in many countries have encouraged governments to go for ocean energy production as a vital means of their future renewable energy. Besides, tidal power operates on a wind like turbine, where the blades spin 12-to-18 times per minute, depending on the strength of the tide. The turbine is linked to a gearbox that spins a generator, producing electricity. Furthermore, wave power is a form of power generation associated with tidal power. Instead of using the tidal action in large bodies of water, wave energy comes from wind-driven waves. It can be used to produce electricity.
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Key Market Players
- Andritz AG
- Nova Innovation Ltd
- Orbital Marine Power Ltd
- MAKO Turbines Pty Ltd
- SIMEC Atlantis Energy Ltd
- Hydroquest SAS
- Sustainable Marine Energy Ltd
- Lockheed Martin Corporation
| By Type | By Technology | By Application | By Region |
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Renewable Energy Transition
One of the major spurs to the global wave and tidal energy industry is the global shift towards renewable energy sources. Fear of climate change, greenhouse emissions, and the limited resources of fossil fuels has seen governments, corporations, and consumers look towards cleaner options. Wave and tidal energy are viewed as an important part of the shift, as they provide a predictable and dependable source of renewable energy.
Abundant Marine Resources
Oceans in the world are an enormous and untapped reservoir of energy. The energy available in ocean waves and tides is huge, and most of the coastal areas on the planet are suitable for extracting these resources. The rich supply of marine resources makes tidal and wave energy a viable proposition for nations interested in diversifying the energy base and minimizing the dependence on fossil fuels.
Energy Security and Independence
Wave and tidal energy help assure energy security and independence. Nations with availability of ocean resources can produce energy locally, thereby curbing their reliance on fossil fuels imported from other places and improving their energy security. This is especially relevant in areas prone to energy supply disruption. Wave and tidal energy are clean and eco-friendly sources of electricity production. They are non-greenhouse gas emitting or air pollution emissions, reducing their impact on climate change and increasing the quality of the air. Additionally, the physical impact is quite minimal on ecosystems as a result of marine energy developments as opposed to that of certain renewable sources of power.
Predictable and Constant Power Source
In contrast to some of the renewable energy sources such as wind and solar, which are intermittent, wave and tidal energy provide a predictable and reliable source of power. Ocean tides and waves have well-established patterns and can be precisely forecasted, and thus it is easier to integrate marine energy into the grid and provide energy reliably.
Reduction of Carbon Footprint
Governments and corporations across the globe are under growing pressure to lower their carbon footprint and go carbon neutral. Wave and tidal power assist these endeavors through their provision of clean, low-carbon power. As standards of emissions cuts increase, so demand for such sources of renewable power will expand.
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Technological Advances
Technological advancements have greatly enhanced the cost-effectiveness and efficiency of wave and tidal energy systems. New developments in materials, design, and engineering have resulted in more efficient and reliable marine energy devices. Such developments have rendered it increasingly viable to exploit marine energy at competitive prices.
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | Eco Wave Power, Carnegie Clean Energy, Sinn Power, Nemos, Wave Swell, AWS Ocean Energy, CorPower Ocean, Ocean Power Technology |
| SEGMENTS COVERED | By Application, By Technology, By Location, And By Geography
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| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
